Share Transfers Agreed/Cooling off period

[SmithyHibee]

This quote is hidden because you are ignoring this member. Show Quote

http://www.scotsman.com/the-scotsman...-bid-1-2991873

Totally agree regarding the open collusion. McKie openly withdraws his consortium leaving the FOH as the only show in town, to try and gain ownership on the cheap. At the same time FOH reportedly receive a significant capital sum, while praising McKie, and wanting to maintain close links with the consortium. It makes me wonder where the capital sum came from? Surely nothing corrupt or underhand dealings with FOH / McKie going on?

GGTTH

So many conflicting stories, in that article it Murray says it'll take at least two years to be self financing. Did the administrators not say previously they could be turning a profit by next year?

There's far too much that the buyers don't know and even the administrators don't know for anyone to make projections like that!

Roasters each and every one of them

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

This was always likely. These groups are all wanting Hearts to survive. They are perfectly entitled to collude, give each other money and generally work together to keep the bids low.



Whats the evidence that the Liths cant or wont accept a low bid? Ive yet to be convinced that anyone other than a Hearts friendly bidder will make a bid.

Ukio is in liquidation and UBIG will soon be in administration. The IPs dealing with them are duty bound to realise as much from those companies' assets as they can, not least to pay their own fees, and they have little or no political pressure on them to keep HoMFC afloat and they have securities over all the assets which means the very least they can get is market value.

What makes you think they would accept a low bid?

[Galahibby]

They're playing at Selkirk today and taking half the gate money. Have they no shame? How the mighty have fallen!

[Spike Mandela]

This quote is hidden because you are ignoring this member. Show Quote

Ukio is in liquidation and UBIG will soon be in administration. The IPs dealing with them are duty bound to realise as much from those companies' assets as they can, not least to pay their own fees, and they have little or no political pressure on them to keep HoMFC afloat and they have securities over all the assets which means the very least they can get is market value.

What makes you think they would accept a low bid?

....Duff and Phelps.

[greenginger]

The way I could see a bid being acceptable to the Liths and feasible for FoH. would be a two part bid.

First part an offer of circa £ 2 million for the football club etc. and a 3 year lease of the PBS.

Second part an offer in 3 years time to buy the PBS property in an open bid/negotiated deal.

That would allow the new owners time to collect pledges, beg rich Yams and bake cakes ( or even have a share issue) to raise the necessary capital. Maybe even move into a new community stadium !

Its the only way the Liths will get a decent price without damaging the Club.

[Geo_1875]

This quote is hidden because you are ignoring this member. Show Quote

.....because that's what happens with 99.99% of football administrations.

So out of the last 10,000 football administrations how many have been as "complex" as the Ukio/UBIG/Hertz situation?

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

....Duff and Phelps.

Duff and Phelps were not nominated by the creditors, had no securities to deal with and were under a degree of political pressure - very different circumstances from the yams.

They also ended up closing Rangers down and selling off the assets.

[joe breezy]

This quote is hidden because you are ignoring this member. Show Quote

Duff and Phelps were not nominated by the creditors, had no securities to deal with and were under a degree of political pressure - very different circumstances from the yams.

They also ended up closing Rangers down and selling off the assets.

Indeed - Green still got them on the cheap though

[jonty]

This quote is hidden because you are ignoring this member. Show Quote

I don't think it got as far as a grant of planning permission, but Cala would certainly have been in consultation with the planners and have been comfortable with their views before going to the trouble of striking a deal with the Football Club.

When the Council Estates Dept gets round to producing the particulars for the sale of old Tynecastle school it will be obvious if there are any impediments to house building on the PBS.

On land values, I saw Smart and Co paid around £ 4 million for the site of the Bank of Scotland computer centre just along the road in Robertson Avenue. That site was about half the size of the PBS and the deal was done in 2010 when prices were rock bottom.

Page 116 (Albeit on PM board) http://www.hibs.net/showthread.php?2...07#post3615707

Judging by google maps, the site that Smart bought is roughly half the size of the hearts site.

I think they'd be lucky to get 8m and extremely lucky to get more than 10m from a developer - although if they could pick up the school site and tynecastle for around 15m then they could build a mini-town.

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

Indeed - Green still got them on the cheap though

Because there were no unsecured creditors to consider and D&P entered into a highly dubious contract with him. They still went down to the bottom division as well - I'd be quite happy with that outcome for HoMFC.

[Treadstone]

This quote is hidden because you are ignoring this member. Show Quote

Duff and Phelps were not nominated by the creditors, had no securities to deal with and were under a degree of political pressure - very different circumstances from the yams.

They also ended up closing Rangers down and selling off the assets.

That last part is often forgotten.

[steakbake]

With the restructure into a pyramid system, demotion from the 3rd etc, wouldn't the bottom league now be the Lowland Scottish one?

[Treadstone]

This quote is hidden because you are ignoring this member. Show Quote

With the restructure into a pyramid system, demotion from the 3rd etc, wouldn't the bottom league now be the Lowland Scottish one?

The 'precedent' that Birch has quoted now has a few extra layers to it or depths.

[Spike Mandela]

This quote is hidden because you are ignoring this member. Show Quote

Duff and Phelps were not nominated by the creditors, had no securities to deal with and were under a degree of political pressure - very different circumstances from the yams.

They also ended up closing Rangers down and selling off the assets.

Yes all of this is true, whilst with D&P repeating your mantra Cav about 'working to secure the biggest return for the creditors' they still managed to sell Rangers and it's assets for a pittance whilst ditching squillions of debt.

[Geo_1875]

This quote is hidden because you are ignoring this member. Show Quote

Yes all of this is true, whilst with BDO repeating your mantra Cav about 'working to secure the biggest return for the creditors' they still managed to sell Rangers and it's assets for a pittance whilst ditching squillions of debt.

They didn't sell Rangers. They closed them down and sold the assets. There is no Rangers playing in Scotland.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Yes all of this is true, whilst with D&P repeating your mantra Cav about 'working to secure the biggest return for the creditors' they still managed to sell Rangers and it's assets for a pittance whilst ditching squillions of debt.

There is one fundamental difference, though.

The biggest criticism of D and P, for me, is that they didn't (to my knowledge) test the market for Rangers' assets by putting them into the public domain for sale.

If this week's advert in the FT is genuine (and I still have my doubts about that), then BDO are doing exactly that. There can be none of the D&P criticism levelled at them in that respect.

If, at the end of all of this, the assets are sold for "a pittance", it will be be because the market has been tested and they are worth exactly that.

[Keith_M]

This quote is hidden because you are ignoring this member. Show Quote

If this week's advert in the FT is genuine (and I still have my doubts about that), then BDO are doing exactly that.

"Turns out BDO.... put an advert in the altogether more respectable Financial Times last week sometime, and if you do that you get a free listing on BusinessesForSale.com, gratis, albeit not immediately it would seem. "There really is nothing sinister in it," sighed a spokesperson for BDO, who the Fiver sensed had quite a few better things to do with his time than talk through the small print of a free ad with a football email suffering from cognitive issues, but was very kind and patient nonetheless. "We placed the FT ad to make sure everyone knows Hearts is for sale. It's just a marketing tool, to ensure anyone interested knows about it.""

From the Guardian article... which says it IS genuine.

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

Yes all of this is true, whilst with D&P repeating your mantra Cav about 'working to secure the biggest return for the creditors' they still managed to sell Rangers and it's assets for a pittance whilst ditching squillions of debt.

My point is that D&P could stand accused of pulling a flanker by entering into an agreement with Green to sell the assets on the cheap because there were no secured creditors to stop them and apparently no property market for Ibrox and Murray Park. None of that applies to HoMFC and the PBS.

In any case, Rangers were liquidated and do not exist any more. It was a fudge by the football authorities that allowed Sevco to change their name and pretend to be Rangers - we must not let the wee arrow people forget that.

[greenginger]

This quote is hidden because you are ignoring this member. Show Quote

Page 116 (Albeit on PM board) http://www.hibs.net/showthread.php?2...07#post3615707

Judging by google maps, the site that Smart bought is roughly half the size of the hearts site.

I think they'd be lucky to get 8m and extremely lucky to get more than 10m from a developer - although if they could pick up the school site and tynecastle for around 15m then they could build a mini-town.

The PBS does have advantages as a development site. There is access on 3 sides which could reduce the cost and space taken up with internal roads.

Mikey, how much is in the Hibs.Net kitty, we could form Hibs.net Developments Ltd and make a few bob.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

"Turns out BDO.... put an advert in the altogether more respectable Financial Times last week sometime, and if you do that you get a free listing on BusinessesForSale.com, gratis, albeit not immediately it would seem. "There really is nothing sinister in it," sighed a spokesperson for BDO, who the Fiver sensed had quite a few better things to do with his time than talk through the small print of a free ad with a football email suffering from cognitive issues, but was very kind and patient nonetheless. "We placed the FT ad to make sure everyone knows Hearts is for sale. It's just a marketing tool, to ensure anyone interested knows about it.""

From the Guardian article... which says it IS genuine.

Yeah, I read that.

Call me anti-MSM, but I'm still not convinced. Less sceptical than I was, though.

The ad is incorrect and misleading in some of its wording, and feels a bit sloppy. It is different in feel from the advert for the business.

That all said, if it's genuine, it does make sense that BDO would do it.

[Leithenhibby]

This quote is hidden because you are ignoring this member. Show Quote

They didn't sell Rangers. They closed them down and sold the assets. There is no Rangers playing in Scotland.

Effing Love it.....

[Spike Mandela]

This quote is hidden because you are ignoring this member. Show Quote

They didn't sell Rangers. They closed them down and sold the assets. There is no Rangers playing in Scotland.

You are of course factually correct Geo but the one fact that remains is the administrators sold all the 'good' assets that make up a football club at a pitiful knockdown price.

Nobody could ever convince me they are acting in the best interest of the creditors as per their mantra.

[Sanger]

Wii prove to everyone what everyone all ready knows: there are no serious bids for Hearts with sufficient money upfront to satisfy the Lithuanian administrators. BDO will then quickly move to liquidation taking their fee from the sales and saying how sorry it has cone to this! RiIP HMFC

[Spike Mandela]

This quote is hidden because you are ignoring this member. Show Quote

Wii prove to everyone what everyone all ready knows: there are no serious bids for Hearts with sufficient money upfront to satisfy the Lithuanian administrators. BDO will then quickly move to liquidation taking their fee from the sales and saying how sorry it has cone to this! RiIP HMFC

On a scale of 0-100% how sure are you desantos?

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

You are of course factually correct Geo but the one fact that remains is the administrators sold all the 'good' assets that make up a football club at a pitiful knockdown price.

Nobody could ever convince me they are acting in the best interest of the creditors as per their mantra.

Even if BDO's report on their conduct says so?

[Spike Mandela]

This quote is hidden because you are ignoring this member. Show Quote

Even if BDO's report on their conduct says so?

Even if YOU said so CWG

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Even if YOU said so CWG

Fat chance of that...... where's that fence?

[green glory]

@JaneLewisSport: #Hearts administrator on BBC Sportsound says he's not ruling out newco route if Lithuanian elements prove stumbling block to securing CVA.

BDO keep preparing the maroon forelock tuggers for the likely death of their club.

[weonlywon6-2]

This quote is hidden because you are ignoring this member. Show Quote

The PBS does have advantages as a development site. There is access on 3 sides which could reduce the cost and space taken up with internal roads.

Mikey, how much is in the Hibs.Net kitty, we could form Hibs.net Developments Ltd and make a few bob.

Is there not an issue with the brewery when it comes to selling??

[jgl07]

This quote is hidden because you are ignoring this member. Show Quote

Is there not an issue with the brewery when it comes to selling??

Err no or they wouldn't have built a new school next door.